A new report has found older people will face the greatest income squeeze from soaring energy costs this winter but young people will struggle most to pay their bills. The Resolution Foundation’s Intergenerational Audit concludes that over-75s are expected to spend eight per cent of their total household income on bills as they are more likely to live in larger and energy-inefficient homes.
Younger generations, who have seen years of stalled pay growth and high housing costs, will struggle the most as they are four times more likely to be on pre-payment meters and are less likely to have assets and savings, the report suggests.
Middle-aged households - ranging from 40 to 64-year-olds - will see the largest increases, with typical annual energy bills rising by over £1,000 on pre-cost of living crisis levels, to between £2,200 and £2,400.
